Is it time for a third party?

Just heard Herman Cain on talk radio calling for a third party so that “real” conservatives can have a voice and not have to kowtow to the party elites. He also pointed out that there were also disgruntled Dems who might be interested in joining forces.
He said that there was a branding problem with the Republican party because of (ready for it? Thats right!) the liberal media.
But, he also backtracked a little and said that maybe what should happen is that maybe it is the others who should leave.
What are the odds that a third party, viable or not, might form because of the different peceptions of reality about this defeat?